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b. Suppose that there is a standard deduction of $4,000 and that James initially has...

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Accounting

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b. Suppose that there is a standard deduction of $4,000 and that James initially has $3,000 in itemized deductions, while Severus initially has $4,500 in itemized deductions. i. Suppose that the tax code treats interest paid on student loans as an adjustment to income and that both taxpayers have student loan interest payments of $2,000 per year. Calculate the taxes saved (how much less they have to pay) as a direct result of the $2,000 adjustment for each taxpayer. (6 points)

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